Samsung Electronics on Thursday announced that it has appointed a new chief executive. Kwon Oh-hyun, the current head of Samsung’s component business, will assume the CEO role as former chief Choi Gee-sung shifts to a new position as corporate strategy boss. “Choi is the best candidate who can chart Samsung through the global economic crisis and ever-intensifying competition,” Samsung said in a statement, according to Reuters. “Under Choi, Samsung plans to pursue innovative changes.” Kwon, the company’s new chief executive, is credited with pushing Samsung to a leading position in the memory chip industry, where it currently has a 50% share of the global market. He also drove the company’s expansion into logic chips, which now account for approximately 40% of Samsung’s revenue.

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Zach Epstein has worked in and around ICT for more than 15 years, first in marketing and business development with two private telcos, then as a writer and editor covering business news, consumer electronics and telecommunications. Zach’s work has been quoted by countless top news publications in the US and around the world. He was also recently named one of the world's top-10 “power mobile influencers” by Forbes, as well as one of Inc. Magazine's top-30 Internet of Things experts.